Good Morning,
What day Tuesday was, nobody would have expected 17500 take out and witness such a sharp short covering, I shared my view in the pre-market report that we may see stiff resistance around 17500 and the market would just consolidate.
What day Tuesday was, nobody would have expected 17500 take out and witness such a sharp short covering, I shared my view in the pre-market report that we may see stiff resistance around 17500 and the market would just consolidate.
But had to change stance due to dynamic changes in data, and 17500 CE went from 100 to 250+ Intraday.
While it was one of the fantastic closes on benchmark indices, we saw GDP coming below RBI expectations.
While it was one of the fantastic closes on benchmark indices, we saw GDP coming below RBI expectations.
And as there was less drama we had an overnight volatile session for uncle. Now, what should be done, especially if you are stuck long side?
NIFTY closed at 17759 and right now SGX NIFTY is showing 17482 which is roughly about 277 points.
NIFTY closed at 17759 and right now SGX NIFTY is showing 17482 which is roughly about 277 points.
In my view, I am not expecting such a big gap-down, and if it does I would like to go long in CE and write PE at open itself. So if you have long I would suggest holding your ground, we saw massive cash figures by FII.
and in my years of trading experience, no matter what happens to the world, such a sharp close can not get reversed in one day, it takes time. So even if it may just stall here and there, in my view our undertone is bullish and we may even NIFTY be turning positive.
Because whoever was buying on Tuesday is not yet done, it may happen so stuck PE writers may put pressure but I would like to take my chances on the long side.
Have a Great Thursday :)
Have a Great Thursday :)
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